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DFIA exemption reducing Basic Customs Duty to nil means that no tariff-rate BCD is added to the value of imported polyester viscose fabrics for IGST computation. IGST valuation includes only customs duty chargeable on the imported goods, rather than a notional tariff duty that disregards an available exemption. Zero duty debit in the Bills of Entry, together with DFIA requirements to disclose import value and quantity rather than duty debit, supports treatment of BCD as nil. A precedent concerning interest on delayed IGST payment does not govern this valuation issue.
DFIA exemption reducing Basic Customs Duty to nil means that no tariff-rate BCD is added to the value of imported polyester viscose fabrics for IGST computation. IGST valuation includes only customs duty chargeable on the imported goods, rather than a notional tariff duty that disregards an available exemption. Zero duty debit in the Bills of Entry, together with DFIA requirements to disclose import value and quantity rather than duty debit, supports treatment of BCD as nil. A precedent concerning interest on delayed IGST payment does not govern this valuation issue.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
